Veeva Systems Inc. (NYSE:VEEV) Q3 2024 Earnings Call Transcript

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Peter Gassner: In terms of the generative AI, mostly, I haven’t seen a big impact in clinical. There’s good experimentation and projects around helping to write or evaluate protocols, for example, but not using things like generative AI to do statistical analysis or predict where the patients are. I think there, the more appropriate tool, which people are using and continue to use more and more data. Really having the right data, running the right algorithms being systematic about it. So yes, I just haven’t seen that impact of generative AI. You see it more in other areas that relate to content accretion and asking of questions, writing 15 narratives, things like that.

Rishi Jaluria : Got it. No, that’s really helpful. And then maybe just sticking on the theme of clinical and Gen AI, coming off the EU Commercial Summit. I’m sure you heard a lot of use cases from customers that they want to explore around Gen AI and the society. I think a lot of those very straightforward. Maybe on the clinical side, right? I mean you talked a little bit about CDMS. But I imagine there’s a lot of data you have you put through around content, including regulatory submissions in FDA. I imagine there’s probably use cases around the sector language that people can use to expedite their approvals and so on and so forth. Maybe just to talk a little bit about what sort of use cases you’re hearing from customers that they want you to be part of when it comes to the clinical side of the equation that would be really helpful.

Peter Gassner: Yes. So — some are just very straightforward what’s called the clinical master data. Who are the investigators, who are in the sites around the world and what is their patient characteristics like that’s hugely important for site selection, but also for recording your internal operations, how efficient are you. Then — so that’s what we call OpenData clinical. SiteBase is the deep profiles around all the sites and investigators, all their specialties, all their activity. So that’s again for more detailed section. Then Clinical Pulse. That’s something we’ve announced, which we’ll be producing next year. And that’s things like, okay, I’m a pharmaceutical company, and I picked these 2 milestones to measure. What’s the time between my last patient visit and my lack of my clinical database.

And I’m a pharmaceutical company, what’s my time there. Okay. And now what’s the industry’s average time there? So that I can start to see. Am I head behind there? What’s my opportunity for improvement or not. And that’s just one measurement. So I think it’s those 3 areas that customers are excited about from Veeva, the clinical master data. The deep data, specifically around site selection, critically important. And then the Clinical Pulse to optimize their internal business processes and benchmark the industry.

Operator: We have no further questions in our queue at this time. I will now turn the call over to Peter Gassner, Chief Executive Officer, for closing remarks.

Peter Gassner : I’d like to close by thanking our customers for their trust and partnership and our employees for their continued commitment to our values and do the right thing, customer success, employee success and speed.

Operator: And this concludes today’s conference call. Thank you for your participation and you may now disconnect.

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